UrbanClap rakes in $75 Mn Series E round led by Tiger Global

Home service marketplace UrbanClap has raked in $75 million in Series E round led by New York-based hedge fund Tiger Global.

Existing investors Steadview Capital and Vy Capital also participated in the transaction that was split into two parts – a primary round which resulted in a share subscription by the aforementioned investors and a secondary share sale by some early institutional investors.

The fresh round comes after eights months of $50 million Series D round led by Steadview and Vy Capital. The Abhiraj Bhal-led firm was then valued at around $500 million.

During the gap of two institutional rounds, UrbanClap had also managed to bring in individual investors like Flipkart CEO Kalyan Krishnamurthy and former Flipkart CTO and CPO Mekin Maheshwari who made a small but a significant investment in the firm.

Claiming itself as India and UAE’s largest home services platform, the five-year-old soonicorn operates in 10 cities in India (including Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi NCR, Hyderabad, Jaipur, Kolkata, Mumbai, Pune) and 2 international markets (Dubai & Abu Dhabi).

UrbanClap currently has more than 20,000 individual service professionals (ISPs) on its platform across categories such as beauty, spa, cleaning, plumbing, carpentry, appliance servicing & repair, and painting.

Unlike previous bets on B2B startups, Tiger Global's investment in UrbanClap will be the first bet on the consumer-focused internet firm since its second inning in India.

The firm has invested around $300 million in over 13 companies in 2019 including Open Financial, OkCredit, Locus, Ninjacart, Fyle, and Zenoti and most recently Moglix.